In this chapter, unless the context requires otherwise,

(1) “account” means any one of the three accounts created by Alaska Stat. § 21.80.040(a);

Terms Used In Alaska Statutes 21.80.180

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(2) “affiliate of an insolvent insurer” means a person who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December 31 of the year immediately preceding the date the insurer becomes an insolvent insurer;
(3) “association” means the Alaska Insurance Guaranty Association;
(4) “claimant” means an insured making a first party claim or a person making a liability claim; “claimant” does not include a person who is an affiliate of an insolvent insurer;
(5) “control” has the meaning given in Alaska Stat. § 21.22.200;
(6) “covered claim” means an unpaid claim, including one of unearned premiums, that arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy issued by an insurer to which this chapter applies if the insurer becomes an insolvent insurer and (A) the claimant or insured is a resident of this state at the time of the insured event, or (B) the claim is a first party claim for damage to property that is permanently located in this state; “covered claim” does not include an amount awarded for punitive or exemplary damages, an amount sought as a return of premium under a retroactive rating plan, or an amount due a reinsurer, insurer, insurance pool, or underwriting association, as subrogation recoveries or otherwise;
(7) “insolvent insurer” means an insurer

(A) authorized to transact insurance in this state either at the time the policy was issued or when the insured event occurred, except an assessable reciprocal insurer formed by and insuring only municipalities or nonprofit public utilities, a reciprocal insurer formed under Alaska Stat. Chapter 21.75 to provide marine insurance, and a joint insurance arrangement formed under Alaska Stat. Chapter 21.76, either at the time the policy was issued or when the insured event occurred, and
(B) against which a court of competent jurisdiction in the insurer’s state of domicile has made a final order of liquidation with a finding of insolvency;
(8) “member insurer” means a person, except an assessable reciprocal insurer formed by and insuring only municipalities or nonprofit public utilities, a reciprocal insurer formed under Alaska Stat. Chapter 21.75 to provide marine insurance, and a joint insurance arrangement formed under Alaska Stat. Chapter 21.76, who

(A) writes insurance to which this chapter applies under Alaska Stat. § 21.80.020, including the exchange of reciprocal or interinsurance contracts; and
(B) is authorized to transact insurance in the state;
(9) “net direct written premiums” means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums thereon and dividends paid or credited to policyholders on direct business; “net direct written premiums” does not include premiums on contracts between insurers or reinsurers;
(10) “resident” means, for a person other than an individual, the state in which the person’s principal place of business is located at the time of the insured event.
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